Financial expert explains: Flood damage - when does the insurance pay?

Financial expert explains: Flood damage - when does the insurance pay?

According to a report by www.wp.de,

The flooding in the Medebach area has caused significant damage, and many of those affected are now wondering when their insurance will pay. According to experts, natural hazard insurance is particularly important for every homeowner as it protects the house from floods, landslides, storms or hail. In addition, natural hazard insurance for commercial buildings is also important. However, it should be noted that not every insurance policy covers flood damage, so it is important to check the individual insurance conditions.

Other insurance policies such as household contents insurance or glass insurance depend on the personal situation of the insured person. In some cases, building liability insurance may also be relevant. It is recommended that you obtain detailed information and check individual conditions before taking out insurance.

However, when settling claims, it should be noted that insurance companies check carefully, especially in the case of flood damage, whether the damage is actually insured and whether the individual conditions have been met. Accurate documentation of the damage and a comprehensive review of the insurance conditions are therefore essential.

Overall, it is expected that the floods in the Medebach area will lead to significant claims settlements by insurance companies, which could possibly lead to a review and adjustment of the insurance conditions in the region. It is recommended that both policyholders and insurance companies carefully review their insurance conditions and policies in order to avoid unclear situations and facilitate claim settlement.